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Forex Analysis: NZD/USD Sinks to Channel Support

By , Currency Strategist
04 January 2013 10:34 GMT

Strategy: Flat

Prices put in a bearish Dark Cloud Cover candlestick pattern below resistance in the 0.8317-55 area, hinting a move lower is ahead. Near-term rising channel support is now squarely at 0.8202, with a break below that aiming for 0.8052. A drop below that targets 0.8052. Alternatively, a reversal through resistance aims for the February 29 high at 0.8470. Risk/reward considerations argue against entering a trade at current levels with the pair so close to support and we will stand side for now.

Forex_Analysis_NZDUSD_Sinks_to_Channel_Support_body_Picture_1.png, Forex Analysis: NZD/USD Sinks to Channel Support

Daily Chart - Created Using FXCM Marketscope 2.0

--- Written by Ilya Spivak, Currency Strategist for

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04 January 2013 10:34 GMT